AXS FY 2013 Earnings Report — AXIS Capital Holdings Limited Revenue & Financial Results | Market Cap Arena

AXIS Capital Holdings LimitedAXS

FY 2013 Earnings

Reported February 21, 2014

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2013	Prior Q	FY 2012	QoQ Change	YoY Change
Revenue	$4.2B	—	$3.9B	—	7.0%
Op. Income	$734M	—	$551M	—	33.4%
Gross Margin	32.9%	—	30.1%	—	2.8pp
Net Margin	17.4%	—	14.0%	—	3.4pp
EPS (Diluted)	$5.93	—	$4.00	—	48.2%
Free Cash Flow	$1.1B	—	$1.1B	—	-2.1%

Revenue Flow

Item	Amount
REVENUE	$4.2B
Cost of Revenue	$2.8B
GROSS PROFIT	$1.4B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$575M
SG&A Expenses	$575M
Other Expenses	$62M
Operating Expenses	$637M
Cost & Expenses	$3.4B
OPERATING INCOME	$734M
Interest Income	$0
Interest Expense	$62M
Other Income/Expenses	$0
INCOME BEFORE TAX	$734M
Income Tax Expense	$7M
Net Income from Continuing Ops	$727M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$727M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$684M
D&A	$23M
EBIT	$796M
EBITDA	$820M
EPS	$6
EPS Diluted	$6

Income Statement

Item	Amount
REVENUE	$4.2B
Cost of Revenue	$2.8B
GROSS PROFIT	$1.4B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$575M
SG&A Expenses	$575M
Other Expenses	$62M
Operating Expenses	$637M
Cost & Expenses	$3.4B
OPERATING INCOME	$734M
Interest Income	$0
Interest Expense	$62M
Other Income/Expenses	$0
INCOME BEFORE TAX	$734M
Income Tax Expense	$7M
Net Income from Continuing Ops	$727M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$727M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$684M
D&A	$23M
EBIT	$796M
EBITDA	$820M
EPS	$6
EPS Diluted	$6

Cash Flow Statement

Item	Amount
Net Income	$727M
Depreciation & Amortization	$23M
Stock-Based Compensation	$57M
Deferred Income Tax	$0
Other Non-Cash Items	-$65M
Change in Working Capital	$354M
OPERATING CASH FLOW	$1.1B
Capital Expenditure	$0
Acquisitions (Net)	$0
Purchases of Investments	-$12.8B
Sales/Maturities of Investments	$12.3B
Other Investing Activities	$2M
NET CASH FROM INVESTING	-$489M
Net Debt Issuance	$0
Common Stock Repurchased	-$572M
Common Dividends Paid	-$118M
Other Financing Activities	$189M
NET CASH FROM FINANCING	-$441M
FREE CASH FLOW	$1.1B
Net Change in Cash	$164M

Balance Sheet

Item	Amount
Cash & Equivalents	$988M
Short-Term Investments	$12.7B
Net Receivables	$3.7B
Inventory	$0
Other Current Assets	-$17.7B
TOTAL CURRENT ASSETS	$14.6B
PP&E (Net)	$0
Goodwill	$46M
Intangible Assets	$43M
Long-Term Investments	$12.7B
Tax Assets	$0
Other Non-Current Assets	-$7.8B
TOTAL NON-CURRENT ASSETS	$5.0B
TOTAL ASSETS	$19.6B
Account Payables	$234M
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	-$256M
TOTAL CURRENT LIABILITIES	$12.8B
Long-Term Debt	$996M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$12.8B
TOTAL NON-CURRENT LIABILITIES	$996M
TOTAL LIABILITIES	$13.8B
Common Stock	$2M
Additional Paid-In Capital	$2.2B
Retained Earnings	$5.1B
Treasury Stock	-$2.2B
Accum. Other Comp. Income	$118M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$5.8B
Minority Interest	$50M
TOTAL EQUITY	$5.9B
TOTAL LIABILITIES & EQUITY	$19.6B
Total Debt	$996M
Net Debt	$8M